EQT, the largest producer of natural gas in the United States, reported a net loss of $601 million or $2.35 in the third quarter 2020, Kallanish Energy reports. That compares to a loss of $361 million or $1.41 per share in 3Q 2019. That loss was smaller than had been expected with lower operating costs … Read more
Gulfport Energy, a major player in Ohio’s Utica Shale, is expected to file for a Chapter 11 reorganization in the coming days, Kallanish Energy has learned. The company, its revolver lenders and unsecured bondholders are expected to seek approval for a restructuring support agreement that includes debtor-in-possession financing. The Oklahoma-based company is dealing with about … Read more
French supermajor Total said Tuesday it’s starting a “new phase” with the purchase of London’s largest electric vehicle charging network, Kallanish Energy reports. Under the undisclosed deal, Total is acquiring the “Blue Point London” from the Bolloré Group, with over 1,600 on-street charger points. The network will be powered by 100% renewable electricity, supplied by … Read more
The Pennsylvania Department of Environmental Protection and the Pennsylvania Health Department both failed to protect the public health during the state’s Marcellus Shale natural gas boom, according to a scathing new report from a state grand jury. The two-year investigation “uncovered systematic failure by government agencies in overseeing the fracking industry and fulfilling their responsibility … Read more
A Minnesota regulator has reaffirmed its support for Enbridge’s Line 3 Pipeline replacement project, Kallanish Energy reports By a 4-1 vote, the Minnesota Public Utilities Commission has voted to deny petitions for reconsideration filed last May by several Ojibwe bands, environmental groups and the state Department of Commerce. Instead, the commission upheld the project’s certificate … Read more
ExxonMobil, one of the largest multinational oil and gas companies, has taken decisive action to address concerns over flaring in Guyana’s oil fields. The company announced a significant reduction in oil output in an effort to control flaring rates and minimize environmental impact. This proactive move by ExxonMobil comes amid growing scrutiny and public outcry … Read more
Chevron and Shell’s upstream portfolios are the most resilient at oil price at $30 a barrel and offer the highest cash margins at $70/Bbl, according to analysts at Wood Mackenzie. Tom Ellacott and the Corporate Analysis team at the consulting firm have studied the resilience of the seven oil and gas majors: BP, Shell, Chevron, … Read more
Texas-based Gavilan Resources last month filed for Chapter 11 protection, saying it intends to sell its business and assets. It cited the coronavirus pandemic and the oil price rout along with an ongoing dispute with a joint venture partner in the Eagle Ford Shale in South Texas, Kallanish Energy reports. It is among 19 new … Read more
A third state is looking into requiring oil and natural gas production cuts: North Dakota. It would join Texas and Oklahoma that are both considering similar proposals. North Dakota, the No. 2 oil production state in the United States, have set a May 20 hearing on whether or not the current production of oil and … Read more
The Petroleum Services Association of Canada (PSAC) is predicting that well drilling in 2020 will be at its lowest level in decades, Kallanish Energy reports. In a second update, the Alberta-based national trade group said has revised the number of wells expected to be drilled this year to 3,100. That is a reduction of 31% … Read more
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